November 2008 Weddings
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
CC Payoff or Car Down payment?
J needs a car...the engine light just came on and its not worth putting money into it at this point (old Honda POS with 250K miles). T&P that it lasts a bit longer!
I have 5-6K set aside that I wanted to use to pay off our CC's, pending whatever unexpected house expenses come up.
Which would be better? Paying off his CC (3K or so) or putting that money down on a used car?
I know that the CC payoff will improve his credit, but that may take a while to be reflected in his score.
Re: CC Payoff or Car Down payment?
hrmmmmmmm we had an FHA loan, I have TONS of debt, some in collections. DH had a maxed CC and nothing was said to us....
We were just told not to make any NEW debt between putting an offer on the house and closing.
We originally were going FHA, but the stupid sellers only wanted to deal with a conventional mortgage. We switched, and because of our good credit we got a great rate. If our credit changed due to debt we would have had a much higher rate.Then, our loan officer told us about possibly being denied becasue of CC debt. It also may vary from state to state, or mortgage companies.
That is a good point, Karrey.
When we got my car last year, it was 8% with just me on the loan and 12% with both of us. So, it's just me.
I'll have to find out what the rate on his card is.
This.
Excellent advice. Look at Karrey, being wicked smart and all. Next time I have a financial question, I'm coming here!
Ditto!
Thritto!
This..FOR SURE!! Interest can be a KILLER!
Have you thought about balance transfers...sometimes you can get a SUPER low rate (like 0% or 0.99%) for a set amount of time and that can be super helpful with paying of the CC bill and using the $ as a down payment for a car.